NERC Reduces Electricity Tariff, Cuts Off Excessive Charges by 50%

Nigeria’s energy situation is considered “very pathetic” given its poor ratio of megawatts to populace, despite housing Africa’s biggest economy and largest black population; it produces roughly 3000MW to 5000MW of electricity for about 170 million.

However, locals may be dancing to the announcement, made today, that the country’s regulatory body, Nigerian Electricity Regulatory Commission, had reviewed electricity tariff downwards by 50 percent.

Chairman of the commission, Sam Amadi, said the commission has been listening to consumers’ complaints and taking full account of the impact of the high tariff on consumers and the Nigerian economy and therefore, the Commission has reviewed the basis of the MYTO 2.1 assumptions and has determined that it is inappropriate to transfer to consumers collection losses that are controllable by the DISCOs

The new tariff regime will kick-off from the start of April.

CPI Rises to 8.4% in Feb '15 as Predicted; Food Prices Increase Driven by Imported Food Items

The Nationa Bureau of Statistics in its February inflation report, states that the Consumer Price Index (CPI) which measures inflation rose by 8.4 percent (year-on-year), 0.2 percentage points from 8.2 percent recorded in January.

The reports noted that all major CIOCOP divisions that contribute to the index increased at a faster pace during the period, the only exception being Recreational and Culture Division which increased at a slower pace.

It further stated that the faster pace in Divisions that yield the Headline Index was also evidenced in both the Food and Core sub-indices. Food prices as observed by the Food Sub-index increased at a faster pace in February partly driven by increases in prices of imported food items.

Meanwhile, the Imported Food sub-index increased by 8.8 percent (year-on-year), the highest increase recorded since February 2013. The Food sub-index rose by 9.4 percent (year-on-year), 0.2 percentage points from January. By groups, while most groups that contribute to the Food sub-index increased at a faster pace during the month, the pace of increase in the Food Sub-index was weighed upon by a slower increase in the Bread and Cereals group.

Nigerian National Quality Policy to ensure industrial competitiveness - Aganga

 

Nigeria's Government has harped on the need for standard quality in the manufacturing and production of goods, to ensure industrial competitiveness in Nigeria.

Re-emphasizing this at the presentation of the National Quality Infrastructure documents in Abuja, Minister of Industry, Trade and Investment, Olusegun Aganga, said the policy will promote made-in-Nigeria goods, which can be compared to international standards. He added that it will further strengthen the diversification of the economy and improve the local Industries.

Speaking earlier the Secretary of the Committee and Director General of Standards Organization of Nigeria, Dr Joseph Odumodu, emphasized that quality assurance of good will be ensured as this will encourage growth in the industrial sector.


The Nigerian National Quality Infrastructure Policy is a 12 Million Euro project, funded by the European Union and supported by United Nations Industrial Development Organization, UNIDO.

Petrol subsidy rises by 1,142% in seven weeks

The amount payable by the Federal Government to oil marketers as subsidy on petrol has risen by over 1,142 per cent in the past seven weeks.

As of January 21 this year, the subsidy payable by the government on every litre of petrol was N2.84, but the latest information on the Petroleum Products Pricing Regulatory Agency’s website on Monday showed that the amount payable as subsidy on the product was now N35.28 per litre.

The PPPRA puts the current landing cost of the product at N106.79 per litre; while the total cost, comprising landing cost and distribution margin, was put at N122.28. However, the product still sells for the regulated price of N87 per litre at filling stations across the country.

Components that make up the landing cost include cost and freight, N95.23; traders’ margin, N1.47; lightering expenses, N4.16; NPA charge, N0.77; financing, N1.37; jetty depot thorough put charge, N0.80; and storage charge, N3.00.

Nigeria's Access Bank posts 20 pct rise in 2014 pretax profit

 

Nigeria's Access Bank reported a 20 percent rise in 2014 pretax profit to 52.02 billion naira ($261 million) compared with the previous year, it said on Monday.

Revenue also rose to 245.21 billion naira during the year to end-December against 206.89 billion naira in the previous year, the bank said in a statement.

Access Bank said it will pay a total dividend of 0.60 naira per share, unchanged from the previous year.

REPORT: Nigeria among 20 fastest growing economies

According to latest survey released by New York based financial newswire service, Bloomberg, Africa's largest economy Nigeria has been ranked among 20 fastest growing economies in the world. Leading online shopping community Kaymu.com.ng has attributed Nigeria's listing to the upshot of e-commerce in the country.

In an accompanying chart by Bloomberg, Nigeria with an expected growth rate of 4.9% was ranked sixth behind China (7%), the Philippines (6.3%), Kenya (6%), India (5.5%) and Indonesia (5.4%).

The explosion of the E-commerce space in the last two years has fuelled a massive consumer behavioural change. E-commerce in Nigeria records over $2m worth of transactions per week and close to 1.3bn per month from the 38% of Nigerians who prefer to buy products through the internet, according to a survey conducted by the business management and consulting firm Philip Consulting.

Read more here...http://www.bizcommunity.com/Article/410/87/125682.html

Nigerian naira trades in tight spread as oil firms sell dollars

Nigeria's naira traded within a range at which it has been stuck for almost a month on the interbank market, supported by dollar sales from the central bank and oil companies, dealers said on Monday.

The naira closed unchanged at 199 naira to the dollar, while it traded at 224 naira against the greenback at the parallel market, operated by bureau de change agents.

The central bank scrapped its bi-weekly forex auctions last month and fixed its clearing rate at 198 naira to the dollar, in a move to curb speculation on the currency. The naira has since been trading at around 197 to 199 to the dollar.

A total of 104.5 million dollar sales were carried out on Monday at a range of 197 to 199 naira to the dollar, just before the market closed, Thomson Reuters data showed, with dealers attributing some of the trades to a central bank forex sale.

The local units of Chevron sold $30.4 million while Shell sold an undisclosed amount to some lenders to buy naira for local use on Monday.

The central bank this month fixed the rate at which banks can buy dollars from oil companies at not more than 2 naira spread to its clearing rate, its latest attempt to prop up the currency hit by the drop in oil prices.